Co-op Bank’s new millionaires

It was the initial public share offering (IPO) that came at the lowest point of a long running stock market dip that began with the post election turmoil in January and deepened with the global economic meltdown in the last quarter of the year.

But the Cooperative Bank’s share sale, which also came in the wake of low investor confidence and earned the dubious distinction of being the first IPO to be undersubscribed in three years, still created a dozen and a half multi-millionaires – confirming the stock market’s position as the shortest route to legal fortunes in a budding economy such as Kenya’s.